Look Who it Was Random video

Starting a Small Business From SCRATCH — My $5,000 Retail Store Story

441 views · Published 3 December 2016 · 9:49 · Indexed 6 November 2026

Channel: Mike Martins · 2016 · Howto & Style

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I get a lot of people asking me about opening a small business, especially a retail business, so I decided to start putting together a series explaining some of the things I've learned from actually doing it.

I'm not sitting here with a business degree or reading this out of a textbook. I'm talking about what I've experienced running a specialty retail store and what I've learned from changing locations, buying inventory, dealing with customers and gradually expanding what I sell.

One of the first things I want to discuss is LOCATION.

Everybody has heard “location, location, location,” but I don't think every business needs the same type of location. If you're selling something extremely specialized—board games, RPGs, collectibles, custom products, specialty clothing, jewelry, memorabilia, etc.—customers may actually go out of their way to find you.

I started small. My first location was only around 400 square feet, and I started with approximately $5,000 in inventory, using a credit card to help get the business going. I basically crossed my fingers and went for it.

Over time, the selection expanded.

That's another concept I'm talking about in this video: what I'm calling “hand-in-hand retail.”

If you're selling board games, maybe RPGs, graphic novels, miniatures and model kits can complement them. If you're selling jewelry, maybe you eventually expand into gold, silver, platinum and other accessories. If you're selling used musical instruments, eventually you might add strings, accessories, collectibles and related products.

The point is that you don't necessarily need to expand into a massive location. You can expand within the business itself by offering more products that make sense for the customers you already have.

I also talk about one of the problems specialty retailers are facing: showrooming. Customers can come into a physical store, spend considerable time looking at products and asking questions, and then leave and purchase the exact same products online.

There are advantages and disadvantages to everything.

This is Part 1. I'm planning to continue this series with subjects including taxes, accounting, inventory, employees, expansion and other lessons I've picked up running businesses.

If you're thinking about opening your own small business, tell me what kind of business you're considering in the comments.

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